Philippines to Publish Final ICO Regulation, Draft Crypto Exchange Rules Within Two Weeks

Filipino authorities have hinted they will publish regulations on ICOs and cryptocurrency exchanges towards the end of next week.

This month may see formal ICO regulations and cryptocurrency exchange rules begin in the Philippines, according to local media

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Regulators in the Philippines plan to reveal draft cryptocurrency regulation by the middle of this month, local media outlet The Manila Times reported Monday, September 3.

Citing Ephyro Luis Amatong, chairman of the country’s Securities and Exchange Commission (SEC) speaking to reporters, The Manila Times confirmed cryptocurrency exchanges could soon be considered as traditional “trading platforms.”

“We see the need to regulate them as trading platforms,” Amatong explained.

The news comes following a similar commitment from Filipino lawmakers to formalize the regulatory environment for Initial Coin Offerings (ICO) and their issuers.

As Cointelegraph reported last month, the Philippine SEC had opened its draft rules on the crypto sector to public feedback, the deadline for proposals being August 31. A final version of those rules should appear next week, shortly before the draft exchange proposals, according to The Manila Times.

The Philippine SEC also revealed it had been working in tandem with the central bank, the Bangko Sentral ng Pilipinas (BSP), in order to establish what Amatong terms “cooperative oversight.”

“We already discussed the matter with the BSP since the BSP is also interested and we are also interested,” he continued, adding: